What is the Economic Advisory Board?

By IBT Staff Reporter On 02/06/09 AT 5:07 PM

President Barack Obama signed an order Friday to create the Economic Recovery Advisory Board, a group of leaders with former Federal Reserve Chairman Paul Volcker as head that will discuss ideas and solutions to help the weakening U.S. economy.

I created this board to enlist voices to come from beyond the Washington echo chamber, to ensure that no stone is unturned as we work to put people back to work and get our economy moving, Obama said Friday.

The leaders appointed by President Obama are form diverse areas. it are included republicans and democrats, leaders of government and private sectors, from the manufacture to the finance or management sector and with experience in small as well as large businesses, Obama explained during his address in the White House today.

President Obama also referred to the diversity in the board, he acknowledged that there may be times where the group will not agree with each other or with his own ideas but highlighted this action was a sign of his seriousness to recover the economy.

We all share a sense of urgency, said chairman Volcker whom President Obama called one of the world's foremost experts on the economy.

Thank you for the confidence you have shown on us and we hope to help, Volcker said shortly.

Also on Friday, an official report showed another 600,000 jobs were shed in the month of January, the most in 34 years, totaling 3.6 million jobs lost since this recession began.